2020 budget deficit estimated at 48 trillion Iraqi dinars: MP

Iraqi dinars (File)

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SULAIMANI — An Iraqi lawmaker said on Tuesday (December 10) that the federal budget deficit for 2020 is estimated to be 48 trillion Iraqi dinars ($40.3 billion).

Member of the Finance Committee Hanin Qado said that the deficit could result in problems for the federal budget, al-Iraqia TV reported.

“The federal budget will face a delay in voting in the parliament and the reduction of the budget deficit, which is estimated at 48 trillion dinars, cannot be solved in a short period of time,” Qado told al-Iraqia TV.

“We are looking for other financial resources to support the budget, which is more than 150 trillion dinars,” he said without giving further details.

The lawmaker further said that loans, banks fees, and employee salaries have reduced the investment portion in the budget.

In September, the Council of Representatives’ Finance Committee said it would send back for revision any 2020 draft federal budget that contained large budget deficits.

The Bayan Center estimated that in 2017 that Iraq’s debt totaled $122.9 billion. Of that, $73.7 billion was held externally and $49.2 was domestic.

(NRT Digital Media)